Financial Assessment Works

Financial Assessment is working. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by two-thirds and serious defaults almost in half, according to an analysis by New View Advisors. FHA’s objective for the new Financial Assessment regulations was to reduce the persistent defaults, especially … more Financial Assessment Works

NRMLA Submits Comments on Form HUD-92800.5B

In response to a 60-Day Notice of Proposed Information Collection published on December 20 by the Department of Housing and Urban Development, NRMLA submitted comments this week on ways to enhance the quality, utility and clarity of information collected on Form HUD-92800.5B—Conditional Commitment.     NRMLA proposed that the form be reduced from six to two … more NRMLA Submits Comments on Form HUD-92800.5B

Preparing for FHA’s Loan Review System

To help mortgagees better understand the features and functions of the upcoming Loan Review System (LRS), the Federal Housing Administration created an Information Page on HUD.gov, archived the January 26th webinar that introduced mortgagees to LRS and organized a second webinar on March 15. FHA announced these informational details this week in FHA Info #17-08. … more Preparing for FHA’s Loan Review System

President Initiates Regulatory Freeze

On the first day of President Trump’s term, a regulatory freeze was issued affecting government agencies, including the Department of Housing and Urban Development. On Monday, January 30, the Trump Administration went one step further, issuing an executive order that requires agencies to rescind two regulations for every one new regulation implemented. The Executive Order … more President Initiates Regulatory Freeze

HUD Publishes HECM Final Rule, but Defers on Rate Cap and H4P Proposals

By Weiner Brodsky Kider On January 19, 2017, HUD published in the Federal Register the Final HECM Rule, FHA: Strengthening the Home Equity Conversion Mortgage Program. The Final HECM Rule has an effective date of September 19, 2017, but it is unclear at this point if the new administration’s regulatory freeze memorandum, issued on January … more HUD Publishes HECM Final Rule, but Defers on Rate Cap and H4P Proposals

NRMLA Proposes HECM Loan Document Revisions

Comments were submitted to the Department of Housing and Urban Development last week recommending updates to existing HECM loan documents that take into account recent regulatory changes, such as financial assessment and non-borrowing spouse protections. Forms that NRMLA would like to see updated include: HUD Form 92800.5B-Conditional Commitment; HUD 92900A-HUD Addendum to URLA; Fannie Mae 1009; … more NRMLA Proposes HECM Loan Document Revisions

NRMLA Publishes Op-Ed Explaining Reverse Mortgage Foreclosures

In advance of today’s confirmation hearing for Treasury Secretary nominee Steven Mnuchin, The Hill newspaper, a publication widely read by policy makers and their aides, published an opinion piece by NRMLA President & CEO Peter Bell, titled “The Real Story on Trump’s Treasury Pick and Reverse Mortgages.” Bell’s column explained how reverse mortgage foreclosures are … more NRMLA Publishes Op-Ed Explaining Reverse Mortgage Foreclosures